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Administration

Administration is a process that places a company under the control of a licensed insolvency practitioner and the protection of the court when a company is insolvent.

The aim of administration is to rescue the company, or if that is not possible, to achieve a better result for creditors than a liquidation could. If neither of those is possible, the aim of an administration is then to realise property to allow funds to be distributed to secured or preferential creditors.

Administration can be initiated by the directors, floating charge holders or companies. They file a ‘Notice of Intention to Appoint’ or ‘Notice of Appointment’ at court, or in certain circumstances make an application to the court.

B

Bankrupt

A bankrupt is an insolvent person against whom a bankruptcy order has been issued by the court and hasn’t been discharged from bankruptcy.

D

Director Duties (Fiduciary)

There must be a relationship of trust and confidence among shareholders, directors and members of a company. The fiduciary duties of directors, expresses that relationship in law; primarily through the Company’s Act 2006 and common law.

M

Moratorium

Usually a moratorium is put in place to protect a person, business or company for a period of time. During which a certain activity is not allowed or required.